Formosa revises offers downwards as mood still negative in import HRC market in Vietnam

Formosa revises offers downwards as mood still negative in import HRC market in Vietnam

Following the weakening in the Vietnam’s HRC import market seen last week and at the beginning of this week, import HRC prices have continued to plunge given further decrease in ex-China offers as news about Chinese government to stimulate economic recovery failed to support market sentiments. At the same time, by Friday, August 18, local producer Formosa Ha Tinh Steel, has revised it offers downwards for domestic customers following the initial price announcement back on Monday.

More specifically, after the announcement of new local HRC offers on Monday, August 14, by the end of the week Formosa Ha Tinh has decided to revise its offers, declining them by around $13-21/mt CFR to $609/mt CIF for both SAE1006 and SS400 skin-passed and non-skin passed HRC. The decision is quite understandable given the pressure from ex-China HRC offers.